I was a small-time partner in an LLC that was set up to flip a house in NJ, and I live in MA. The LLC was set up in NJ, bought the old property, flipped it, and sold it. I received a K1 from the LLC.

  1. Do I need to file taxes for that state?
  2. Did the LLC cease to exist in 2019? It was only set up to flip this one property, so does the LLC still exist?
  • The states are going to matter here. What state do you live in, and what state was the property in? – Grade 'Eh' Bacon Mar 17 at 14:18
  • @Grade'Eh'Bacon: I live in MA and the LLC (and property) was in NJ – David Mar 17 at 14:20
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    I've edited the question to include that information. Hopefully you can get a response from someone familiar with those states. – Grade 'Eh' Bacon Mar 17 at 15:46
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    An LLC doesn't "cease to exist" just because your business has fulfilled its purpose. The organizers typically have to file dissolution papers with the state. Otherwise you could be in for a surprise next year when you get a bill (some states have franchise fees/taxes, annual filing taxes, etc). – Ron Beyer Mar 17 at 15:50
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    Typically no, you just file in your home state and federally. – Ron Beyer Mar 17 at 15:54

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